b) Show the profit maximising price level for this firm in the short run in the diagram above. c) Show the total level of profit for this firm in the short run in the diagram above. d) Show the equilibrium level of output in the long run for the monopolistically competitive firm in the diagram above and explain where this is determined. e) What is the relationship between the profit maximising price level and average total cost for monopolistically competitive firm in the long run and why? f) Is a monopolistically competitive firm allocatively efficient in the SR? LR? Why or why not? g) Is a monopolistically competitive firm productively efficient in the SR? LR? Why or why not? h) Is a monopolistically competitive firm dynamically efficient? Why or why not?

e) What is the relationship between the profit maximising price level and average total cost for monopolistically competitive firm in the long run and why? f) Is a monopolistically competitive firm allocatively efficient in the short run? long run? Why or why not? g) Is a monopolistically competitive firm productively efficient in the short run? long run? Why or why not? h) Is a monopolistically competitive firm dynamically efficient? Why or why not?

In long-run equilibrium, the perfectly competitive firm's price is equal to which of the following?Question 6Select one:a.Marginal revenue.b.All of the answers provided are correct.c.Minimum short-run average total cost.d.Short-run marginal cost.Clear my choiceQuestion 7Not yet answeredMarked out of 1.00Flag questionTipsQuestion textIf input prices rise as new, perfectly competitive firms enter an industry we that this is: ....Question 7Select one:a.a decreasing-cost industry.b.none of the answers provided are correct.c.an industry with a decreasing long-run supply curve.d.an increasing-cost industry.

Question 14 (1 point)Which of the following is true for both a monopolistically competitive firm and a perfectly competitive firm in long-run equilibrium? aMarginal cost is greater than marginal revenue. bPrice is greater than marginal cost. cPrice is equal to average total cost. dPrice is equal to marginal cost.

The demand function for a monopolist is P = 30 - 0.75Qtotal costs are TC = 20 + 9Q + 0.3Q2Marginal Revenue is MR =30-1.5Qa. What is the profit-maximizing rate of output? (1 Marks)b. What are the profits? (1 Marks)c. What would be the price and output under perfect competition if the monopolist's marginal cost curve is the competitive industry's supply curve? (3 Marks)d. Calculate the amount of the deadweight loss associated with the monopoly outcome. (3 Marks)

Firms in long-run equilibrium in a perfectly competitive industry will produce at the low points of their average total cost curves becauseQuestion 4Select one:a.firms maximize profits and free entry implies that maximum profits will be zero.b.firms in the industry desire to operate efficiently.c.firms seek maximum profits and to do so they must choose to produce where average costs are minimized.d.free entry implies that long-run profits will be zero no matter how much each firm produces.Clear my choice